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Pre-approved but need a new car! Help!

Established Member

Pre-approved but need a new car! Help!

I have been preapproved for an FHA mortgage, but I need a new car. I am willing to wait until afyer I close to get it, but want to know how long I should wait and how my credit will be impacted. Please help. 


Starting Score: Equifax 483: Experian: 543 Transunion: 574
Current Score: Equifax 677: Experian: 674 Transunion: 688
Goal Score: 750


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Message 1 of 6
5 REPLIES
Frequent Contributor

Re: Pre-approved but need a new car! Help!

Wait until after closing!! Your credit will be fine to get a car if your credit is fine to get a house.. Good luck
Message 2 of 6
Established Member

Re: Pre-approved but need a new car! Help!

Do you know if my score will take a major hit by taking out both in a couple months or should I be okay?


 


Starting Score: Equifax 483: Experian: 543 Transunion: 574
Current Score: Equifax 677: Experian: 674 Transunion: 688
Goal Score: 750


Take the myFICO Fitness Challenge
Message 3 of 6
Senior Contributor

Re: Pre-approved but need a new car! Help!

When you add debt to your credit profile, your scores will be impacted. How much is anyone's guess and yours will be as good as anyone's.

Message 4 of 6
Moderator

Re: Pre-approved but need a new car! Help!

It is very possible if you get the vehicle before you buy a house, you won't be able to qualify for the size/price house you currently can purchase. Many times I have seen homebuyers rush out and buy something on an installment payment prior to purchasing a house and the thing they bought, usually a car/truck/vehicle, reduces the amount of the house purchase substantially.

Message 5 of 6
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Established Member

Re: Pre-approved but need a new car! Help!

Thanks for the advice


Starting Score: Equifax 483: Experian: 543 Transunion: 574
Current Score: Equifax 677: Experian: 674 Transunion: 688
Goal Score: 750


Take the myFICO Fitness Challenge
Message 6 of 6